Tanzania banks on Africa50 drive to implement large-scale projects

WASHINGTON: IMPLEMENTING medium to large-scale projects that have a development impact is one of the key benefits the Tanzanian government mentioned to be attained in its cooperation with Africa50, since it will facilitate strategic projects and strengthen collaboration in infrastructure development.

The Deputy Permanent Secretary in the Ministry of Finance, Amina Khamis Shabaan, unveiled that in her statement when she met and held talks with the Director General in charge of Strategy, Relations, and Investments at Africa50, Jon-Pierre Fourie, in the United States.

Moreover, in their discussions, the two leaders discussed ways to establish sustainable cooperation through innovation, investment, and building internal capacity within the African continent.

Additionally, she commended Africa50’s vision of promoting green infrastructure projects that align with Tanzania’s Third Five-Year National Development Plan (FYDP III) and the National Development Vision 2050.

She also reaffirmed the government’s commitment to strengthening the partnership, noting that through collaboration with Africa50, Africa can develop transformative projects in industry and regional trade, and improve people’s livelihoods to bring tangible development outcomes to the continent.

As part of the 2012 Declaration on the Programme for Infrastructure Development in Africa (PIDA), African heads of state called for innovative solutions to accelerate the delivery of infrastructure on the African continent as part of the African Union’s Agenda 2063.

In response, and after broad consultation with its stakeholders, the African Development Bank announced the establishment of Africa50, Project Development and Africa50 Project Finance, investment vehicles under one umbrella, conceived to be part of the solution to the continent’s infrastructure challenges.

Africa50 was established to help bridge Africa’s infrastructure funding gap by facilitating project development, mobilizing public and private sector finance, and investing in infrastructure on the continent.

Africa50 focuses on medium- to large-scale projects that have development impact and offer an appropriate risk-adjusted return to investors. Bringing project development and financing together in one platform, Africa50 seeks to provide support at every stage of the project cycle.